Consider the following list of statements. Each statement in the list means the same thing as one of the other statements. Identify the pairs of statements which are equivalent:
a)consumers always prefer to have more of a good;
b)consumers' preferences are complete;
c)consumers' preferences are transitive;
d)every market basket has an indifference curve associated with it;
e)indifference curves are bowed in to the origin;
f)indifference curves are downward sloping;
g)indifference curves do not cross;
h)a diminishing MRS is a characteristic of consumer preferences.

Question

Quizplus · Accepted Answer

The Answer of Consider the following list of statements. Each statement in the list means the same thing as one of the other statements. Identify the pairs of statements which are equivalent:
a)consumers always prefer to have more of a good;
b)consumers' preferences are complete;
c)consumers' preferences are transitive;
d)every market basket has an indifference curve associated with it;
e)indifference curves are bowed in to the origin;
f)indifference curves are downward sloping;
g)indifference curves do not cross;
h)a diminishing MRS is a characteristic of consumer preferences.

Consider the Following List of Statements